Adani Group firms sell stakes worth Rs 15,446 cr to GQG Partners

Representative image.

Adani group companies have cumulatively sold  shares worth Rs 15,446 crore in  secondary equity transaction to US PE firm GQG Partners in block trades. The block trade transactions happened in four of the company's subsidiaries such as Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Transmission Limited and Adani Enterprises Limited.

The decision of fresh fundraising plan comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by end-March.

"The investment has made GQG a key investor in the development and growth of critical Indian infrastructure," Adani group said in a statement. Jefferies India Private Limited acted as a Sole Broker for the transaction.

This development comes after the conglomerate denied a report which claimed it has secured a $3 billion loan from a Middle-East sovereign wealth fund.

Rajiv Jain, Chairman and CIO of GQG Partners, said," We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run."

Moreover, Jugeshinder (Robbie) Singh, Group CFO of Adani Group, added,"This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies.”

Meanwhile, all ten Adani companies' shares settled higher on Thursday (March 2) while the combined group market capitalisation touched Rs 7.86 lakh crore.

Shares of Adani Transmission rallied 5 per ent, Adani Green Energy advanced 4.99 percent, Adani Wilmar rose 4.99 percent and Adani Power jumped 4.98 percent.

Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Earlier today, the Supreme Court asked SEBI to probe within two months allegations of stock price manipulation by the Adani Group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by the US short seller.

Reacting to the court directions, Adani Group Chairman Gautam Adani said. ''The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail''.